Statement of Deviation and Variation for the Half Year Ended 31st March, 2026.
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Patel Chem Specialities Ltd filed a routine compliance statement confirming no deviation in the use of IPO proceeds raised through its Initial Public Offer on July 30, 2025. The company raised ₹58.80 crore through the IPO. Of this, ₹7.25 crore was allocated for Issue Expenses (₹6.90 crore used, ₹0.35 crore unutilized), ₹8.40 crore for General Corporate Purpose (fully utilized), and ₹43.15 crore for Capital Expenditure (₹7.26 crore used, ₹35.89 crore unutilized). As of March 31, 2026, ₹22.57 crore has been utilized and ₹36.24 crore remains unutilized, parked in fixed deposits with Axis Bank and current accounts.
This is a positive confirmation for investors as it indicates the company is using IPO funds as originally committed. The significant unutilized CapEx funds (₹35.89 crore) suggest ongoing capital expansion plans, which could benefit future earnings if deployed efficiently.